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Archive for August, 2019

3 paycheck month -> boosted savings

August 31st, 2019 at 12:46 pm

August was the 2nd month of 2019 when I got 3 paychecks. Although we don't do any sort of strict budgeting, our monthly spending and saving is still built around 2 checks per month.

On top of the extra check, I also worked 8 hours per diem for the pay period in addition to my regular hours so my take home was about $1,000 higher than usual. And due to paying off our mortgage from funds in our escrow account, we didn't make a regular mortgage payment this month which would have been just over $1,700.

Add it all up and we suddenly had about $8,200 extra in our checking account. There's also another $500 that was left in the escrow account after the payoff that we'll get back in a week or so.

I transferred $8,000 to our Ally account and $500 to our taxable Vanguard account. I'm probably going to take $5,000 in the Ally account and buy another CD to bump up the interest some. I do want to keep a nice cash balance in case I need to replace my car sooner than expected. It is almost 14 years old and I'm having an issue that I'm hoping doesn't turn out to be expensive to fix, but if it is, I may just get rid of it and replace it. It's not worth spending a bunch of money on the car at this point. It's only worth a couple thousand dollars.

Mortgage paid off!! Totally debt-free!

August 27th, 2019 at 01:55 pm

I posted this on the boards but thought I'd share here, too.

We just paid off our mortgage. For the first time in our adult lives, we are completely debt-free.

The financial impact of not having that payment anymore will take a month or so to really kick in, but our scheduled P&I was about $700 and I've been paying an extra $1,000/month or more so it really frees up $1,700/month.

The plan right now is to mostly add it to savings. We may start seriously talking about increasing our presence in Florida somehow. DW and I haven't discussed it in great detail but I'm thinking we might think about doing a "snow bird rental" for a month or two during the winter. She could spend time down there and I could travel back and forth arranging my time off to get down as much as I can without using up too much PTO. We'll see. If not this winter, probably next winter. It might be a bit late to plan it for this year.

So that's our big news.